Polygon (MATIC) has become the new home for Terra (UST) projects

About fifty projects built on Terra have begun their migration to polygon and several others are said to be on the verge of joining the popular modular protocol that offers a scalability solution for Ethereum. Following the implosion of the Terra ecosystem following the loss of parity of stablecoin UST, many projects found themselves starving of resources. And despite the launch of the new version of Terra, Terra 2.0, the developers do not seem convinced about the future prospects of the new blockchain.

Source: Adobe

Dan Eskowfounder of Up-Topa company specializing in recruitment to the crypto sector, had told Coindesk that the engineers and developers at Terra had built a solid foundation. He added that the error in Terra’s strategy is certainly not a reflection of their work, and therefore many projects with less baggage would hire them without hesitation.

To attract more talent, protocols like Kadena and Polygon have gone on to raise multi-million dollar funding to help projects affected by the collapse of Terra get back on track, provided they agree to build on their respective chains. Polygon, which with interest seems to have followed the development of the situation for DeFi projects based on Terra, had been one of the first to offer its assistance in facilitating their migration. Ryan WyattCEO of Polygon Studioshad declared in a tweet:

“We will allocate the capital and resources needed for these migrations to accommodate developers and their respective communities.”

“Supporting developers is at the heart of what we do,” Wyatt added. “This fund was simply created to help talented developers find new homes.

Kadena, a Layer 1 blockchain founded in 2016, announced the creation of a $ 10 million fund for the right to Terra projects. “We offer our help to all those who have been affected by this mini-collapse,” he explained Francesco MelpignanoCEO of Kadena Eco.

The first project to join Polygon is the NFT Marketplace OnePlanet which has become the platform dedicated to the assistance of Terra NFT projects thanks to its initiative Ark * En. “The sudden collapse of the Terra ecosystem has left a host of innovative NFT projects and their communities in the wreck,” wrote OnePlanet on Medium. “OnePlanet has taken the lead and built its own version of Noah’s Ark to save Terra’s thriving NFT biodiversity and bring it to a new home.”

Meanwhile, according to the Cointelegraph, the South Korean and US authorities could start cooperating in the context of their financial investigations, especially those related to cryptocurrencies. South Korean Minister of Justice, Han Dong-hoon would have met Andrea M. Griswolda senior official with the Securities and Commodities Task Force of the United States Attorney’s Office for the Southern District of New York, and Scott Hartman, Head of the Securities and Commodities Fraud Task Force at the same office. The two sides have reportedly discussed how they can strengthen their collaboration to ensure prompt action in light of the growing number of securities frauds in the digital assets market. Both parties reportedly agreed to share their information about Terra, which is under investigation in both countries.

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